The property technically was acquired by 1255 Main Street Urban Renewal, LLC, a sole purpose LLC established by AST Development. The Lavallette-based real estate development and investment firm has approval to build a five-story, 219-unit rental complex. Four floors of residential units would top ground-floor parking totaling 196 spaces, plus another 78 surface parking spaces along an access drive.

About a decade ago — just before the housing market collapsed amid the mortgage crisis — the Center Circle property was to be part of a massive mixed-use development that also was to encompass City Hall Plaza, including relocating City Hall. A concept plan presented to City Council in February 2007 proposed a mixed-used project of 375 units of housing — about a third for sale and two-thirds rentals — 175,000 square feet of retail, a 125-room hotel, and parking decks totaling some 1,300 spaces.